NZ stocks follow Aussie stocks higher

IN a slow start to the week, New Zealand share prices have firmed in line with Australian stocks after the Liberal-led coalition's election victory.

AAPSeptember 9, 20135:20pm

NEW Zealand stocks have firmed, as have Australian stocks, where investors were digesting the implications of a win for the Liberal Party-led coalition.

The NZX 50 Index rose 16.841 points, or 0.366 per cent, to 4,614.019. Within the index, 24 stocks rose, 17 fell and nine were unchanged. Turnover was $136.7 million.

"It was a bit of a foregone conclusion, the Australian election result, and that's supported their market a little higher, and we've followed that to some degree," said Grant Williamson, a director at Hamilton Hindin Greene.

"It's a slow start to the week. Investors are still very happy with the performance of the market and there still seems to be quite good order flow."

After two strong days of gains at the end of last week, children's clothing retailer Pumpkin Patch had the biggest fall on the day, down 6.25 per cent to $1.05.

That was against the trend among retailers in the top 50.

Clothing chain Hallenstein Glasson had the strongest gain of the day, rising 2.78 per cent to $4.81, jeweller Michael Hill International was third strongest on the day, up 2.14 per cent to $1.43. Outdoor equipment retailers Kathmandu also rose 1.82 per cent to $2.80.

Retirement village operator Summerset showed the second strongest gain of the day, rising 2.69 per cent to $3.05.

Infrastructure owner Infratil was up 2.11 per cent to $2.42, with chief executive Marko Bogoievski telling BusinessDesk the firm is considering share buybacks and more investment in Australian wind farms, through 51 per cent-owned TrustPower.